In the beginning marketing was a subjective and solely creative discipline. Anecdotally organisations could see that increased awareness of their organisation achieved through advertising or PR could result in an increased level of enquiries and sales, but there was little data driven evidence to factually support these claims. Marketing was a sunken cost and marketing professionals were seen as service providers as opposed to strategic leaders.
The Internet changed the role of marketing. Not only were marketers presented with new channels to distribute messages, they were also gifted the holy grail of being able to see customer behaviour in numbers from the second the marketing material was received, to the enquiry and sale that proceeded it. The Internet maps out all human behaviour and gives clues as to when and why people respond to marketing material. This largely uncelebrated benefit of the Internet has given marketers the data to turn marketing into a science and given us the tools to forecast and control demand streams.
A 2016 US survey of S&P1500 boards over a six-year period found that boards with marketing-experienced members “tended to have better total shareholder return (3 percentage point increase); the results were even stronger when the firm was in the midst of a market share decline.”
Today we manage marketing channels inside a scientific process, showing that a clear understanding of the investment required, and the predicted return, can be illustrated using mathematical formula.
With accurate data and the application of effort in the correct areas, marketing can produce a predictable outcome from a measured input, allowing us to forecast how marketing strategies will impact the enquiries, sales and revenue of an organisation, in advance.
Marketers now have access to the click-through rate for adverts, content distribution strategies and social posts. We can see conversion rates on website platforms and trending data across any topic we choose and know what the world is talking about before most organisations take their seats in the morning. Importantly, we can then use this information to refine and better our marketing campaigns for the future. Our teams check and analyse data daily and feedback to clients on performance and improvements required to meet business growth aims. We like to measure success for our clients benefit and for our own; a discipline that was once subjective is now accountable and therefore so are we.
A granular, data-driven focus on individual marketing channels means that we can show organisations how one small change in a social media strategy can impact business revenue or how a different way of approaching a CRM strategy can lead to increased business enquiries. We can prepare data models that show all strategic options in advance and offer organisations the chance to choose which direction they would like to take. Paid search marketing is the epitome of this because with a controlled conversion rate, paid search campaigns can be forecast with almost 100% accuracy.
These theories and techniques are not only reserved for online channels. The emergence of attribution modelling has meant that we can now connect traditional offline marketing channels including press and outdoor advertising, with online channels and show a fully transparent account of marketing performance. We can see the impact an advertising campaign has on brand awareness and scrape social platforms to understand how people are talking about the brand.
With all of this information in hand, marketing has become as analytical as it is creative and the profession has become an integral contributor to business growth.
Over the past 2 years Wired Studio has worked hard to support our clients to deliver a better return from their marketing investment:
If you would like to discuss your marketing strategy with the team here at Wired Studio, contact us on 01224 826664 or email [email protected]